Eksfin supports Taiwanese wind park with loan guarantees
A Seaway 7 vessel during wind farm construction (Source: Seaway 7)
Norway’s export credit agency Export Finance Norway (Eksfin) has provided EUR 180 million in loan guarantees to support Oslo-based Seaway 7’s involvement in the Hai Long offshore wind farm in the Taiwan Strait.
The facility is located between 45 and 70km off Taiwan’s Changhua coast and is expected to begin commercial operations in 2026/7. Hai Long will be Taiwan’s largest offshore wind facility with a capacity of one gigawatt, enough to supply clean power to more than one million homes.
The guarantees take Eksfin’s total commitment to the offshore wind market close to EUR 2.6 billion. The heavy upfront costs of offshore wind development and the time lag between capital spending and revenue streams make guarantees like these extremely valuable. Eksfin’s AAA rating opens up new financing opportunities for wind farm developers.
More than 15 international and local lenders are supporting the Hai Long project, including a number of other export credit agencies. They include institutions in Australia, Belgium, Canada, Japan, and the UK.
Eksfin managing director, Tone Lunde Bakker, commented: “I am very pleased that together with Seaway 7 we have succeeded in securing this important contract that strengthens its market position in Taiwan.”
She said that Eksfin plans to increase Norwegian exports to countries in the Far East. Besides Taiwan, she mentioned South Korea and Japan. These were key offshore wind markets where Norwegian companies are expected to establish a strong position, she added.
Seaway 7 has been active in the offshore renewables sector since 2009 when it installed its first wind turbine generator monopile foundation off the coast of the UK. Since then, the company has built a strong presence in the installation market. It has installed foundations, substations, and inner array cables for many offshore wind developers in Europe, Taiwan, and the United States.
